Group Practice Accelerator: Recent Episodes
Perrin DesPortes and Diwakar Sinha
The founders of Polaris Healthcare Partners share education, tactics, and strategies to help you launch and scale your group healthcare practice. We bring decades of experience in working with hundreds of clients to help you accelerate your learning curve while minimizing your chances for mistakes. Learn more at https://www.polarishealthcarepartners.com
Many of you know the name Samson Liu of SOH Dental and formerly E-VP of Clinical Affairs at Heartland. He drops value bombs galore on today’s show, so this is one where you’re going to want to listen multiple times…trust me! Enjoy!
The legacy mentality of too many in our industry is that partnerships are best achieved through some sort of buy-in. This may be appropriate for traditional solo practices when it comes to facilitating the founder’s personal transition, but it usually is NOT the best tool in the toolbox for a growing group practice. Join me as I dive into “a business in motion” and the ways to contemplate the right solutions over a 5-10 year horizon.
Download our FREE Guide on Attracting and Retaining Assocites here: https://www.polarishealthcarepartners.com/attracting-and-retaining-associates-guide
Judging from far too many recent conversations with far too many of you, there are far too many of you who are playing defense when your associates bring up the subject of partnership. Let’s take back the initiative and play some offense. I’ll share some insights into how to do that in today’s episode. That, along with being grounded around intrinsic goals – all on today’s show!
Download our FREE Guide on Attracting and Retaining Associates here: https://www.polarishealthcarepartners.com/attracting-and-retaining-associates-guide
Time is running out! Do Not Miss our annual scaling from Clinician to CEO Event this October! Register now: https://www.polarishealthcarepartners.com/scaling-from-clinician-to-ceo
All of us are going through the stresses and strains of building a business and earning a life. If you ever feel isolated or disconnected from the things that matter most in life, this episode is for you! Cheslea Myers, Founder and CEO of Dental Life Coach, joins me on the show today to talk about making an impact for the better!
Learn more about Dental Life Coach here: https://www.dentallife.coach/ Follow Chelsea on social media! Links below: https://www.facebook.com/dentallifecoach/ https://www.instagram.com/dentallife.coach/ https://www.linkedin.com/in/chelsea-myers-57345417/
All too often, we talk about associates and ownership from the Founder's perspective, but do you really know what your Associates are thinking? Well, we get to hear from a lot of them during our presentation of Partnership Models, so I figured I'd share some common trains of thought that you might now be aware of. All of that, and a hearty welcome to Zac Williams on joining the Polaris team!
Download our FREE guide on attracting and Retaining Associates here: https://www.polarishealthcarepartners.com/attracting-and-retaining-associates-guide
Please register for our Scaling from Clinician to CEO Event Before it's too late! If you are a dental practice owner, have ten or more years before potential retirement, and have always wondered how to take the next step to build a group practice, this event is for you! https://www.polarishealthcarepartners.com/scaling-from-clinician-to-ceo
If you want to learn the right way to build a business, Dr. Jason Tanoory of Finger Lakes Dental Care is going to share a TON of his experience on the show today. We dive deep into what it takes to become ‘an overnight success that’s 10 years in the making.’ Enjoy!
Ownership in your business could be your most valuable currency, but far too many of you are operating with a “historical mindset” as it relates to when and why to allow Associates to become partners. You can learn from the successes of publicly traded companies to create greater stability and greater growth, so I’m going to give you some outcomes to focus on. All of that as well as a book recommendation from an Irish poet!
Download our FREE Guide on Attracting & Retaining Associates here: https://www.polarishealthcarepartners.com/attracting-and-retaining-associates-guide
For all of you wondering just how innovative you can be a in a healthcare services business, you’re going to LOVE this interview with Dr. Daniel Klauer of TMJ & Sleep Dentistry Center. This is thinking WAY out of the box and creating your own plan for success!
We get a TON of questions around associate equity solutions, but there are probably 10 that we hear most often. I bring back Mark Flock again to get his insights on answering what’s most “top of mind” to many of you around this important concept. That and a follow-up about my “Catalyst Project” course: https://www.polarishealthcarepartners.com/the-catalyst-project
If you want more details, email me directly at: Perrin@PolarisHealthcarePartners.com
Download our FREE Guide on Associate Equity Guide here: https://www.polarishealthcarepartners.com/attracting-and-retaining-associates-guide
OK, so I might’ve created a tiny bit of confusion when I announced the Catalyst Project, so I’m going to take 5 minutes to try to clarify answers to the most frequent questions. Here’s the link to register https://www.polarishealthcarepartners.com/the-catalyst-project and here’s my email address if you have additional questions: Perrin@Polarishealthcarepartners.com I hope you’ll join us for the first session on August 4th!”
We get a TON of questions around associate equity solutions, but there are probably 10 that we hear most often. I bring back Mark Flock to get his insights on answering what’s most “top of mind” to many of you around this important concept. That and a follow-up about my “Catalyst Project” course. If you want to learn more about my “Catalyst Project” course, click here: https://www.polarishealthcarepartners.com/the-catalyst-project
Are you ready to take your practice to the next level? Join us this October! https://www.polarishealthcarepartners.com/scaling-from-clinician-to-ceo
Download our exclusive Whitepaper on Attracting and Retaining Associates here! https://www.polarishealthcarepartners.com/attracting-and-retaining-associates-guide
You heard us talk about creating unique businesses with competitive advantages as well as how much we love the De Novo model, so let’s hear from an entrepreneur who has done both at scale. Dr. Vincent Monticciolo of Monticciolo Family & Sedation Dentistry shares his incredible story and gets very candid in what has made him so successful along the way. You’re going to LOVE this one!
Download our FREE WhitePaper on attracting and retaining associates here: https://www.polarishealthcarepartners.com/attracting-and-retaining-associates-guide
Join us for our 2nd Annual Scaling from Clinician to CEO Event. Save 10% when you use promo code GPA10: https://www.polarishealthcarepartners.com/scaling-from-clinician-to-ceo
For this first time on the show, I’m bringing Mar Flock behind the microphone. Mark leads our Partnership Pathways (“associate equity”) service offering and we break down all of the nuts and bolts to delivering that outcome together. We also spend time on “mindsets” for both Founder and Associate as well as the legal considerations around it all. That and the launch of something new! If you want to learn more about my “Catalyst Project” course, click here: https://www.polarishealthcarepartners.com/the-catalyst-project
Are you ready to take your practice to the next level? Join us this October! https://www.polarishealthcarepartners.com/scaling-from-clinician-to-ceo
Download our exclusive Whitepaper on Attracting and Retaining Associates here! https://www.polarishealthcarepartners.com/attracting-and-retaining-associates-guide
One of our Charlotte colleagues, Dr. Duc Tang, Founder of Promenade Center for Dentistry, joins me on the show today to talk through his growth journey from Heartland Dental Associate to a business owner. We talk growth, expansion, dirty fingers, and a bit about his ownership plan for his associate. All of that as well as a book recommendation on today’s show!
Download our Attracting and Retaining Associates Whitepaper here: https://www.polarishealthcarepartners.com/attracting-and-retaining-associates-guide
Learn more about our Scaling from Clinician to CEO Event here: https://www.polarishealthcarepartners.com/scaling-from-clinician-to-ceo
Are you a subscriber? Sign up today for exclusive content offers, and show updates you will not find anywhere else: https://www.polarishealthcarepartners.com/podcast
We’re starting to see and hear about too much turnover of associates in growing groups these days. If you’re building a group practice and have no pathway to partnership for your high-performing associates, you’re going to be in trouble. Nothing will crater a growth strategy faster than associate turnover. Let’s make 2023 the year you solve that dilemma. I give you several points to consider on today’s show.
Download our FREE WhitePaper on attracting and retaining associates here: https://www.polarishealthcarepartners.com/attracting-and-retaining-associates-guide
Join us for our 2nd Annual Scaling from Clinician to CEO Event. Save 10% when you use promo code GPA10: https://www.polarishealthcarepartners.com/scaling-from-clinician-to-ceo
If you’d like to book a meeting with me to discuss your current situation, you can do so HERE: https://meetings.hubspot.com/perrin3
Last fall, we built an delivered our 1st Annual “Scaling from Clinician to CEO” Summit with Dr. Mark Costes and his team at the Dental Success Institute. The ratings we got were HUGE, so we’re going to do it again this October (11-13), but it’ll be at the Phoenician Resort in Scottsdale, AZ, this time! Registration is open, and we’re capping the event at 150 people, so we expect it to sell out. For more information: https://www.polarishealthcarepartners.com/scaling-from-clinician-to-ceo
If you’re building a group practice, your lease is probably your second largest expense…and it’s a fixed cost. That being said, too many people make to many mistakes that leave valuable EBITDA margin points on the table – and that costs them a lot of valuation dollars at the point of sale. Colin Carr, Founder, and CEO of CARR Realty firm, joins me on the show today to dig into trends impacting the commercial and retail real estate world, lease negotiations, buying considerations, and the mistakes people make most often in their leases.
Learn more about him here: https://bit.ly/CarrHealthcareRealty Learn more about Colin here: https://bit.ly/ColinCarrInfo
We’ve been saying for quite a while that a successful exit could be 2 to 3 years in the making, so here’s what it all looks like! Dr. Sharvil Shah and Dr. Paresh Shrimankar take you through their journey upon the sale of their Ardent Smiles Group to Guardian Dental Partners.
Download our Exit Strategy Guide here: https://share.hsforms.com/1oI067IY1S2unPYnUt-fMtQ8n35e
Are you a subscriber to our podcast? Get weekly educational updates here: https://www.polarishealthcarepartners.com/podcast
View the full press release here: https://www.polarishealthcarepartners.com/guardian-dentistry-acquisition-of-ardent-smile-group
I bring Diwakar back onto the show for our 3rd installment in an “Exit Strategy” series. Together we dig into everything from diversifying your assets and wealth management strategy to investing at the low point in the market. This is a lot of new subject matter that we haven’t discussed before, so surely a new wrinkle to how you view your most valuable asset. That and 3 great books from Dan Sullivan and Dr. Benjamin Hardy!
Download our FREE guide on maximizing the value of your business here: https://bit.ly/SellSideGuide
Subscribe for exclusive content you will not find anywhere else! https://www.polarishealthcarepartners.com/podcast
I bring Diwakar back onto the show to make sense of current events. Together we dig into everything from current market conditions & interest rates to default rates increasing and potential unemployment increases. What does all of that add up to as it relates to a potential impact on pricing conditions? Listen in! That and our 2nd annual "Scaling From Clinician to CEO Summit" with Dr. Mark Costes and the crew at DSI.
Registration is live HERE! Go to: https://www.polarishealthcarepartners.com/scaling-from-clinician-to-ceo to register before it's too late!
Are you a subscriber to our podcast? Get weekly educational updates here: https://www.polarishealthcarepartners.com/podcast
Is it time for a planning session? Jack Welch, former Chairman and CEO of GE, was fond of saying: “see things the way they are, not the way you want them to be.” I’ll walk through some personal drivers and some industry drivers to consider. And if you need a one-on-one guide for the process, drop me a line and let’s find a date!
Good grief – is this the dreaded “Duct Tape DSO” concept again?! Well, maybe. There are a lot of successful solo practice owners who are having conversations with like-minded colleagues, but there’s a right way and wrong way to do this. I’ll walk you through our three-step process to making it happen. If you’re thinking about “going in with friends,” this is your episode!
There are a lot of tailwinds driving the industry into consolidation. I unpack the major ones on today’s show. We’ll talk through all of them in an effort to help you answer the key question: do the risks of growing outweigh the risks of staying solo?
For our free guides on growing your own group practice, click here: https://www.polarishealthcarepartners.com/tools
Building a group practice isn’t for the faint of heart – it’s not for everybody. That being said, the majority of the profession now practice in groups. Here are some compelling thoughts to consider in terms of “defensible strategy” if you’re going to build a group!
Download our free guide here: https://bit.ly/StartingAGroupPracticeGuide
This episode picks up where the prior one left off, so be sure to listen to that one first – or even a second time! If you’re preparing to grow your business through acquisitions, there’s a way to use debt and a way to use equity. I’ll break down how to use equity as currency and mitigate some of the cost of the rising rate of debt funds. This is a tool you should have in your toolbox.
Reach out to our experts for more assistance: Capital Solutions Executive - John Pol John@polarishealthcarepartners.com
Executive and Partnership Consultant - Mark Flock mark@polarishealthcarepartners.com
Executive Consultant/Fractional COO - Adin Bradley adin@polarishealthcarepartners.com
Are you ready to take the next step and execute your journey? Learn more about our MasterClasses here: https://www.polarishealthcarepartners.com/master-classes
Most economists are saying we’re going to enter a recession in the coming 12 months, so this is the time to prepare for growing your business through acquisitions. Getting your capital source committed and defined is critical, but what about a rate that’s TWICE as high and a breakup fee?! Well, let me break it all down for you…on today’s show!”
For more information, please contact our Capital Solutions Executive John Pol @ John@polarishealthcarepartners.com
Are you ready to take the next step and execute your journey? Learn more about our MasterClasses here: https://www.polarishealthcarepartners.com/master-classes
We’ve been on the road a lot these last 6 weeks and there has been one MAJOR theme that has come up from the audiences lately…bank funding for growth. Yep. I’ll take you through the scenarios you’re probably all confronting and the landmine you’re about to step on. In an effort to help you out, I created a new, free service at Polaris, our “Debt Funding Audit.” You can email our Growth Capital Specialist, John Pol, directly at: john@polarishealthcarepartners.com
As you can imagine, there is no “perfect solution” when it comes to Pathways to Partnership…but here’s a list of questions and considerations to ponder in an effort to get you closer to THE answer! And if you want to see it in a visual format, here’s a “cheat sheet” (https://bit.ly/CheatSheet_Ep41) you can download!
That…and I reveal our new website! Check it out here: www.polarishealthcarepartners.com
Yeah, that’s right – BUY-INS! They do have a place in group practices, and they should be a tool in your toolbox. When to use them and how to think about them? That’s what this show is all about. All of that plus a welcome to our newest team member, Kyle Carmody, and a sincere THANKS to the three key people behind Scaling from Clinician to CEO: Kay, Mike, and Rylee!”
Rachel Wall, Founder of Inspired Hygiene, sits down with Perrin and Dr. Mark Costes ahead of the “Scaling from Clinician to CEO” summit to take on that very subject. We talk hiring and retention, increasing efficiency and productivity, points to consider in a potential downturn…and a LOT more. Frankly, this is an interview we should’ve done a year ago. Thanks for waiting!
Rachel Wall, Founder of Inspired Hygiene, sits down with Perrin and Dr. Mark Costes ahead of the “Scaling from Clinician to CEO” summit to take on that very subject. We talk hiring and retention, increasing efficiency and productivity, points to consider in a potential downturn…and a LOT more. Frankly, this is an interview we should’ve done a year ago. Thanks for waiting!
We’re living through a turbulent time right now and being an entrepreneur has never been more challenging…or has it?! Allen Gillespie, Co-Founder and Chief Investment Officer of FinTrust Capital Advisors, joins me on the show today to give some historical context around today’s macroeconomic trends and to break down just where we’re headed. Being an entrepreneur himself, Allen also breaks down some key principles around growing and exiting a business. That and SMC National as a sponsor on the Denver Summit! Learn more about them here: https://smcnational.com/
We’ve known Dr. Ernie McDowell of All Smiles Orthodontics for several years now and have had the pleasure of working with him in a consulting relationship all the way through a sell-side relationship in his transaction with Blue Sea Capital. Ernie tells his colorful story, and we dig deep into the process. You’re going to LOVE this one! And he’ll share more details at our conference in Denver. You can register here: https://bit.ly/ScalingfromCliniciantoCEO
That was a GREAT interview! We talk growth, culture, integration, the Seller’s Dilemma, Crossing the Chasm, and a whole lot more. Plus our Platinum Sponsor for “Scaling from Clinician to CEO” is CareStack. Registration link to join us: https://bit.ly/ScalingfromCliniciantoCEO
There’s been a LOT in the news lately as it relates to where the economy is heading, so we decided you needed to hear our thoughts on dentistry. Where are we now? We are we going to end up? What does it all mean? What about those who want to continue growing? Or those who are contemplating exiting? YEP! All of that on today’s show. And here’s the registration link to our “Scaling from Clinician to CEO” summit in Denver! Learn more here: https://bit.ly/ScalingfromCliniciantoCEO
Surprise! New Episodes are now arriving every Tuesday. In this special episode, Dr. Mark Costes reunites with Perrin to discuss our upcoming Scaling from Clinician to CEO event. Start your journey or take your group to the next level and join us in October: https://bit.ly/ScalingfromCliniciantoCEO
I’m constantly asked: “How long do you think it will take to sell my business?” The answer is all too often: “It depends…” Depends on what, you ask? Well, it’s all on today’s show! I take you through a timeline that could be as little as 5 months to as long as 5+ years. And our joint-venture conference with the Dental Success Institute is now LIVE! Here’s the link to learn more https://bit.ly/ScalingfromCliniciantoCEO
Today's episode features an exclusive interview with Perrin joining the Group Dentistry Now Show: The Voice of the DSO Industry and the CEO of Finger Lakes Dental, Dr. Jason Tanoory, to discuss the journey, ups and downs, and essential information you NEED to know when starting your group practice.
It's official, our Scaling form Clinician to CEO Summit is now open for registration. Save your seat today: https://bit.ly/ScalingfromCliniciantoCEO
Diwakar and I go through the internal and external aspects of potentially changing lenders along with some context around personal living expenses and wealth management planning. Yeah, these are some topics you want to think about! And some concrete details on subject matter for the upcoming “Scaling from Clinician to CEO” event in Denver, Oct 5th – 7th!
To save your seat, please use this link: https://bit.ly/ScalingfromCliniciantoCEO
Changing Banks is incredibly complicated and a gigantic PITA, so why would you want to do it? Well, we unpack that on today’s show and talk through the “ins and outs” of it all. That along with some great non-business books to read for your summer vacation!
Ever wondered what it takes to grow from zero to over 40 locations in less than 4 years? It requires two critical components: a savvy entrepreneur and a committed line of capital. Tune in to hear Dr. Samson Liu, Founder of SOH Dental and former Heartland Dental Executive Vice President, tell the story!
If you have any questions about today's episode, please email us at info@polarishealthcarepartners.com
Apologies for being melodramatic, but this is one of the most important episodes Diwakar and I have ever done. Seriously. It’s long (about an hour), so get ready. This is possibly the deepest dive we’ve ever done into the current state of the economy, lending rates, a little prognostication, and the way you should think through your capital structure to maximize on short-term growth opportunities. This is a serious “thinking about your business” episode, so get your coffee ready.
We encourage all our listeners who are nervous about the upcoming future to please schedule time to meet with us: https://bit.ly/TalkwithPolaris
Shame on me for glossing over the subject and concept of Onboarding. I clarify what it is, how long it should last, what you should cover…and a whole lot more! And for those looking for more data points, here’s the link to the Gallup article I referenced: https://bit.ly/GallupArticleOnboarding
Be sure to join us Oct 5-7 for “Scaling from Clinician to CEO.” Here’s the link:https://bit.ly/ScalingfromCliniciantoCEOSummit
We obviously get a TON of questions on the topic of Associate Equity because it’s the number one problem of all group practices. Here are the TOP 10 we hear most often. That and here’s the link for our upcoming Group Practice Summit we’re hosting with Dr. Mark Costes: https://bit.ly/ScalingfromCliniciantoCEOSummit
Everybody who builds a group starts out by thinking about Associate "buy-ins" as if they were still running a solo practice. That's not the solution. Want to know why? Tune in! That…and we announce a new conference in October. All on today's show!"
Click here to download the WhitePaper: https://bit.ly/AssociatesSuccessWhitepaper
Pre-register for our "Scaling from Clinician to CEO Summit" here: https://bit.ly/ScalingfromCliniciantoCEOSummit
If you don’t have a defined path for allowing your Associates to become Partners, you’re just spinning your wheels. Here are the most important things I discuss in every call related to Associates and Equity. And here’s a recent webinar that goes even deeper (in case you missed it)! View here: https://bit.ly/WebinarPodcastLink
When it comes to recruiting Associates, you’re not competing against solo practice owners or even your peers who are trying to build groups. You’re competing against trained professional recruiters from enterprise-level DSOs. Here’s how to start playing the game at a higher level. And for those who learn better visually, here’s a video that should help: https://bit.ly/AttractingandRetainingAssociates
Solving “the Associate Problem” has to start with them before it ends with you, and there are a LOT of things to handle. I’ll give you five of the top ones to consider on today’s show! And if you want to dive deeper into all of this subject matter and more, be sure to enroll in our 7-part webinar series with SMC HERE!
Save your complimentary seat now: groundup.smcnational.com
Associate turnover is the #1 problem of every group practice, but it doesn’t have to be. I share the overview of what needs to be a comprehensive solution if you’re going to compete with enterprise-level DSOs. The trends are in your favor, so start playing the game at a higher level! And we’ve got a new member on our Polaris team, Mark Flock
I was fortunate enough to attend the Dental Success Institute’s Mastermind session here in Charlotte his past weekend and was blown away by their members. Dr. Mark Costes joins me on the show today to talk through who they are and what all they do as well as share some of “the how and the why” behind it all. We talk about culture, leadership, systems, processes...and the loneliness of being a leader.
Learn more about the Dental Success Institue @ https://www.truedentalsuccess.com/ https://www.truedentalsuccess.com/the-dentalpreneur-podcast/ https://www.truedentalsuccess.com/2022-dental-success-summit/ https://www.youtube.com/c/DentalSuccessInstitute https://www.facebook.com/DentalSuccessInstitute
Follow Dr. Mark Costes @ https://www.instagram.com/drmarkcostes/ https://www.linkedin.com/in/mark-costes-dds/
There aren’t many PE firms whose name carries more weight than Blue Sea Capital as I’m sure you all know of them from their super-successful Deca Dental deal. Miller Norman is their Vice President of Healthcare Investment. He joins me on the show today to do what he does best! Join us for our MA&A MasterClass this May! Click here to learn more: https://bit.ly/PolarisMasterClassMAA
Join Perrin for his exclusive appearance on "The Dentalpreneur Podcast" with Dr. Mark Costes. In this episode, Perrin details the history of dental entrepreneurship and what it has transitioned into today. He also discusses the current obstacles with running your own group practice, banking loan best practices, mergers & acquisitions 101, and much more!
Watch the Youtube video of the interview here: https://youtu.be/OfVxt20ypBw
Sponsored by: The Dental Success Institute https://www.truedentalsuccess.com/
In our continuing effort to part the clouds of our crystal ball, here is another industry veteran to share his insights into the landscape of dental M&A. Mick Janness is the CEO of Oakpoint, a PE-backed Mid-Atlantic DSO that has seen tremendous growth over the last few years. This isn’t Mick’s first rodeo, and he drops valuable pearls of wisdom frequently in this episode, so have your pad and pen handy!
Join us for an exclusive MA&A MasterClass opportunity this May 19/20th in Charlotte, NC. Learn more or register today: https://bit.ly/MasterClassMAandA
We all know that the valuation a buyer places on your business comprises many different factors, but one of the primary ones is how they assess your inherent risks. What are the main risks they look at? And what can you do to control those? Tune in because I cover all of it along with a new addition to the Polaris Team – Miss Rylee Hamblin!
Brian Colao of the Dykema Law Group and Steve Mizrach of the accounting firm Dorfman, Mizrach & Thaler join me on the show today to talk through the year that was 2021, where we are in 2022 and where we’re going in 2023. We go from big picture to even more tactical considerations around LOIs, QOEs and a lot of other acronyms I don’t understand. This episode is a tour de force!
Brian Colao: BColao@dykema.com Dykema Law Group: https://www.dykema.com/people/brian-a-colao.html
Steve Mizrach: smizrach@dmtcpas.com Dorfman, Mizrach & Thaler: https://www.dsocpas.com/
Selling a business is a lengthy and emotionally draining process. What if you got to the end and it all fell apart? There are quite a few things you can do ahead of time to minimize your chances for failure. Diwakar helps me unpack all of them. What about acquiring practices yourself? We teach you all about it in our next MasterClass on April 21&22! That and Animal Farm – all on today’s show!
Register for our upcoming MA&A MasterClass here: https://bit.ly/3LrqfKU
2021 was the largest year on record in terms of global M&A activity and the dental industry was part of it. If you’re contemplating going to market in 2022 or 2023, here’s your primer on what you need to know. Diwakar shares all of his insights in rapid fashion! What’s the difference between a Summit and a MasterClass?! I unpack that as well.
The Dental M&A markets are still white hot as we roll into 2022, which has many of you “curious” about what an exit might mean. Before you go down the road of a marketed sales process, here are THE three things you need clarity on. Tune in to learn more!
Dr. Vivek Solanki joins me on the show today to tell his amazing story from traveling Periodontist to Partner Buy-In to Practice sale – all in 16 months! He unpacks all aspects of the impact of COVID to how he approached clinical and operational improvements to deciding to go through a sell-side process and then to our guidance on his outcome. This episode is an absolute tour de force and I’m exhausted from just hosting it!
“Dr. Vivek Solanki was born in Jacksonville, Florida and attended the University of Florida for undergrad, then Howard University College of Dentistry (2007-2011). He performed a two-year general practice residency at Einstein Medical Center Philadelphia (2011-2013) and completed his Periodontics specialty in 2016 at the Veterans Affairs Hospital in West Los Angeles.”
This episode ought to give you the guidance you need to think through all aspects of funding. Today Diwakar and I discuss trends at an enterprise level around capital use and capital sourcing. We also compare and contrast the following: using an equity partner vs debt capital for growth; the difference in asset-based lending vs cash flow-based lending; Lower Middle Market vs Middle Market covenants & ratios; and traditional bank lenders vs non-bank lenders. That and the “Gates of Fire” on today’s episode!
Sign Up for our De Novo MasterClasse here: https://bit.ly/MasterClass_DeNovo
In today’s episode, Diwakar and I clarify a few misconceptions around the topics of Free Cash Flow vs EBITDA vs Distributions, and we share some fundamental guidance on three ways you should be allocating your cash.
Sign Up for our De Novo MasterClass here: https://bit.ly/MasterClass_DeNovo
If you’re going to build a group at any rate of speed, you’re more than likely going to outgrow your current retail lender. Diwakar and I compare and contrast banking solutions: Retail vs. Lower Middle Market vs. Middle Market. We also dive deep into the critical concepts of Guidance Line, Credit Facility, and Debt Recapitalization. With rates surely going up, now is the time to reevaluate your banking relationship!
Many dentists start out buying their first practice as well as the real estate, but is that the best strategy when building a group? More importantly, how does it impact lending? Diwakar and I tackle that and a whole lot more on the show today. Tune in!
Sign Up for our MasterClasses here: https://bit.ly/Masterclass_MAA https://bit.ly/MasterClass_DeNovo
Join us for our PINNACLE Event For Dentists! March 30-April 1st, Learn more today @ https://bit.ly/PolarisPinnacle
Follow us on social media for current updates and much More LinkedIn: https://www.linkedin.com/company/polaris-healthcare-partners Instagram: https://www.instagram.com/polaris_healthcare_partners Facebook: https://www.facebook.com/PolarisHealthcarePartners YouTube: https://www.youtube.com/channel/UCMINy8AfUJRQ1xHogiMicUg
I’m joined once again by the “Doctor of Debt,” Diwakar Sinha. Together we dig into what happens when you have multiple practices and multiple lenders as well as the jeopardy that cross collateralization creates. We have a LOT of different ways you can access our educational content in 2022, with several MasterClasses and a Pinnacle event coming up. Tune in for details!
Sign Up for our MasterClasses here: https://bit.ly/Masterclass_MAA https://bit.ly/MasterClass_DeNovo
Join us for our PINNACLE Event For Dentists! March 30-April 1st, Learn more today @ https://bit.ly/PolarisPinnacle
Follow us on social media for current updates and much More LinkedIn: https://www.linkedin.com/company/polaris-healthcare-partners Instagram: https://www.instagram.com/polaris_healthcare_partners
Diwakar joins me on the show today and we go DEEP into the metrics banks use to make lending decisions as well as how they impact you as a borrower. Tons of banking info as well as an audience question on the difference between Affiliations versus a “Duct Tape” DSO and a book review on Blue Ocean Strategy. It’s all on today’s show!
Sign Up for our MasterClass @ https://bit.ly/Masterclass_MAA
Join us for our PINNACLE Event For Dentists! March 30-April 1st, Learn more today @ https://bit.ly/PolarisPinnacle
Follow us on social media for current updates and much More LinkedIn: https://www.linkedin.com/company/polaris-healthcare-partners Instagram: https://www.instagram.com/polaris_healthcare_partners Facebook: https://www.facebook.com/PolarisHealthcarePartners YouTube: https://www.youtube.com/channel/UCMINy8AfUJRQ1xHogiMicUg
All of our audience is using bank funds to grow their business, but there’s a limit to how far a “Rate & Term Lender” will go – and we call that “the Debt Funding Wall.” What is it? Why and when does it happen? What’s the key fundamental to avoiding it? All of that plus comparing and contrasting our “De Novo Execution” MasterClass on March 10&11 with our Pinnacle Event in Ft Lauderdale on March 30 – April 1 on todays’ show!
Join us for our PINNACLE Event For Dentists! March 30-April 1st, Learn more today @ https://bit.ly/PolarisPinnacle
Join our MasterClass @ https://bit.ly/Masterclass_MAA
Follow us on social media for current updates and much more: LinkedIn: https://www.linkedin.com/company/polaris-healthcare-partners Instagram: https://www.instagram.com/polaris_healthcare_partners Facebook: https://www.facebook.com/PolarisHealthcarePartners YouTube: https://www.youtube.com/channel/UCMINy8AfUJRQ1xHogiMicUg
All of our audience is using bank funds to grow their business, but there’s a right way and wrong way to do it. We’ll share our insights into how banks make lending decisions, how they define their “credit box,” and how to clarify your relationship with your lender. All of that plus details around the “Mergers, Acquisitions and Affiliations” MasterClass on February 17&18 on todays’ show!
Sign Up for our MasterClass @ https://bit.ly/Masterclass_MAA
Join us for our PINNACLE Event For Dentists! March 30-April 1st, Learn more today @ https://bit.ly/PolarisPinnacle
Follow us on social media for current updates and much More LinkedIn: https://www.linkedin.com/company/polaris-healthcare-partners Instagram: https://www.instagram.com/polaris_healthcare_partners Facebook: https://www.facebook.com/PolarisHealthcarePartners YouTube: https://www.youtube.com/channel/UCMINy8AfUJRQ1xHogiMicUg
Nobody wants to be “average” and, in business, that’s a tough place to end up. Our outlook for the coming year(s) is to define your strategy and differentiation by either being super-unique or growing into a larger, more defensible position. This is “mission-critical” for the coming years.
Join us January 13-14th or February 17th-18th in Charlotte, NC for our Mergers, Acquisitions, and Affiliations MasterClass. Register/learn more now! https://bit.ly/MasterClassMAandA
Why don’t more people use the de novo approach for growth?! There are a LOT of compelling reasons to “start fresh” from day one, so we go through some of the key components for success. And if you like what you hear, stay tuned as we reveal a NEW MasterClass on De Novos in March!
If your growth strategy is to acquire practices, then you can’t afford to simply maintain them – you have to unlock new value. In today’s episode, we unpack the 3 keys to judging success; 4 aspects of generating upside; and 3 components of margin expansion. And we share the dates on our new MasterClasses as well as our new Pinnacle event!
Struggling to find practices to buy? Wondering what you to pay? Should you “put money down” on a practice? You’re not alone on any of those questions. We tackle them all on today’s show. And a new PBS show on stars and the universe!
Sometimes it’s tough to know where to even start, but if you’re going to build a group practice, here are THE key steps to take in your planning phase. We unpack all six of them on today’s show, and we unveil our new MasterClass concept. Interested in more details?
We get that question seemingly every day, so Diwakar and I unpack a lot of details around the what, the who, and the how behind it. That and I unveil our Educational Content Strategy for 2022! All on today’s show!
2021 has already been an unbelievable year for us at Polaris, so heading into this uniquely American holiday weekend of Thanksgiving, we wanted to say thank you to all our fans and we are grateful for YOU! Then next week we’re back to the numbers. Cheers to you, your families, and your teams!”
2021 has already been an unbelievable year for us at Polaris, so heading into this uniquely American holiday weekend of Thanksgiving, we wanted to say thank you to all our fans and we are grateful for YOU! Then next week we’re back to the numbers. Cheers to you, your families, and your teams!”
After unpacking the WHYs and a few HOWs, here are the WHATs to consider if you’re going to build a successful group practice. I’ll dig deeper into some aspects of risk, operational considerations, financial outcomes, and some that are more personal in nature. That and some gratitude for 2,000 downloads! All on today’s show.
Last week we covered the failures we most often see in group practices, so let’s be more optimistic this week and talk about creating financial success! We cover all the bases from arbitrage to utilization. And, yes, our podcast has gone global. All on today’s show!
Do you ever wonder why so many emerging group practices underperform financially? Or maybe why so many group practices seem to be in financial difficulty? There are quite a few reasons, but today I unpack the three that we see most often. That and a great question around mergers from the President of an Enterprise-level DSO. All on today’s show!
We get asked the same question all of the time: “Should I build a group practice?” Well…let’s see if we can answer it! We’ll dig into that along with the 5 Drivers of Consolidation we think are impacting the industry right now and into the coming years. Do you have the commitment to undertake the risk to build a group? I’ll give you some things to think about as you answer that. It’s all on today’s podcast along with a recent question around “time management.
We got a TON of questions around the subject of strategy, but “strategy” can be a wide-ranging topic. I help you think through strategy from several different perspectives: target market; services; growth; and execution. And I relate it all to what we’re doing here at Polaris! This discussion should give you PLENTY to think about as you build out your own strategic planning session for 2022. We welcome Mike Dombrowski as our new Brand Manager here at Polaris and I share what it’s like to be a High Performance Driving Instructor from a prior stage of life. It’s all on today’ show! Want to join us for a two-day Strategic Planning "Working Group" session on "Mergers, Acquisitions & Affiliations" here in Charlotte on November 4&5 or 11&12? Interested in learning more or getting on the waiting list? Here's your link: http://polarishealthcarepartners-14514098.hs-sites.com/mergers-acquisitions-affiliations-working-group Want to register? Email Diwakar directly: Diwakar@PolarisHealthcarePartners.com Other questions or comments? Email me directly: Perrin@PolarisHealthcarePartners.com Please subscribe and leave us a comment and a rating!
Are you planning on acquiring practices in 2022? If so, it's time to stop playing "small ball!" You should think about different acquisitions differently! Do NOT take a one size fits all approach. I give you four aspects to think through as well as developing your own "Target Acquisition Profile" and your own Pitch. Build your group the way the "big boys" do it, starting in 2022! That as well as further details on our Working Group sessions on "Mergers, Acquisitions & Affiliations" here in Charlotte on November 4&5 or 11&12. Interested in learning more or getting on the waiting list? Here's your link: http://polarishealthcarepartners-14514098.hs-sites.com/mergers-acquisitions-affiliations-working-group Want to register? Email Diwakar directly: Diwakar@PolarisHealthcarePartners.com It's all on today's show. Other questions or comments? Email me directly: Perrin@PolarisHealthcarePartners.com Please subscribe and leave us a comment and a rating!
We've covered a TON of ground over the last 90 days as it relates to the concept of Equity. From Associate and Executive equity models to Cap Table Mergers to the recent Affiliations Model, it was a lot to digest, so we thought it would be beneficial to take a minute and hit the highlights of "all of the above." I decided to bring back the little man behind with the big microphone. That's right - Diwakar's back! Today we slice and dice the ins and outs of all things equity. If you want to go deeper into all of this and incorporate it into your growth strategy for 2022, then you'll want to join us for a two-day "Working Group" session on "Mergers, Acquisitions & Affiliations" here in Charlotte on November 4&5 or 11&12. Interested in learning more or getting on the waiting list? Here's your link: http://polarishealthcarepartners-14514098.hs-sites.com/mergers-acquisitions-affiliations-working-group Want to register? Email Diwakar directly: Diwakar@PolarisHealthcarePartners.com Other questions or comments? Email me directly: Perrin@PolarisHealthcarePartners.com All of that plus another great addition to our Data & Analytics team, Christian Stamp, and an update on my quest for the perfect cup of coffee. It's all on today's show. Please subscribe and leave us a comment and a rating!
The "Affiliations Model" continues to generate a LOT of interest and inquiries, so I decided to bring back the little man behind with the big microphone. That's right - Diwakar's back! Together we slice and dice the ins and outs of affiliations. And if you can't get enough of it off of the podcast, maybe you want to us for a two-day "Working Group" session on "Mergers, Acquisitions & Affiliations" here in Charlotte on November 4&5 or 11&12. Interested in learning more or getting on the waiting list? Here's your link: http://polarishealthcarepartners-14514098.hs-sites.com/mergers-acquisitions-affiliations-working-group Want to register? Email Diwakar directly: Diwakar@PolarisHealthcarePartners.com Other questions or comments? Email me directly: Perrin@PolarisHealthcarePartners.com It's all on today's show. Please subscribe and leave us a comment and a rating!
The "Affiliations Model" has generated a TON of interest and inquiries, so I decided to bring Ryan Metzler of the Stock Legal firm on the show to dive deep into the details. We slice and dice the legal context around ownership, fees, agreements, PIUs, change management and the potential journey at hand. There's so much to cover, we even decided to host a two-day "Working Group" session on "Mergers, Acquisitions & Affiliations" here in Charlotte on November 4&5. Interested in learning more or getting on the waiting list? Email me directly: Perrin@PolarisHealthcarePartners.com Find out more about Ryan and Stock Legal at: https://www.stocklegal.com/about/attorneys/ryan-metzler And a warm welcome to the newest addition to our Data & Analytics team, Kyle Webster! It's all on today's show. Please subscribe and leave us a comment and a rating!
Do you always think of growth strategy as either buying or building your next location? Do you worry about the mounting load of debt you're also building? Well, this episode will create a dramatic change in the way you think about your growth strategy and the type of practice you typically target. Welcome to the latest innovation from Polaris - AFFILIATIONS! You may even want to take notes on this one! We cover all of the high-level aspects of Affiliations and things you should consider. Oh, by the way, I got a new coffee maker! Tune in for details!! Questions, comments or coffee bean recommendations? Email 'em to me at: Perrin@PolarisHealthcarePartners.com Also, please consider helping with Polaris's effort to support the children of Afghanistan through the UNICEF Foundation. We'll match your donations up to $5,000 via the website: https://www.unicef.org/emergencies/delivering-support-afghanistans-children Simply email or text us your contribution, and we'll do our part! And be sure to leave us a rating and a comment!
Your practice management system should be one of THE cornerstones of your organic growth strategy, but all too often it's treated as just another marginal operational device. Carestack's VP of Sales & Marketing, Jim Gerson, gives us a LOT to think about when it comes to things like: historical versus predictive reporting capabilities; compliance versus strategic application; and increasing attraction and retention of new patients simply by making things convenient and efficient. He'll also share some insights into the data and analysis they derive from their user base. We cover all of that along with Polaris's effort to support the children of Afghanistan through the UNICEF Foundation. We'll match your donations up to $5,000 viz the website: https://www.unicef.org/emergencies/delivering-support-afghanistans-children Simply email or text us your contribution, and we'll do our part! Questions, comments or coffee recommendations? Email 'em to me at: Perrin@PolarisHealthcarePartners.com Please be sure to leave us a rating and a comment!
It's time to stop playing "small ball" with your emerging group. Equity may be your most valuable currency, so listen in as Diwakar and I unpack some of the ways to think about using equity to your advantage for growing your group. There's a reason so many Enterprise-level DSOs use an "equity roll" as a key selling point when it comes to convincing people to join their group - and you can do the same! We cover all of that along with the latest addition to our Data & Analytics team, Chris Yanes, and Dr. Nimesh Patel donates an Ember Coffee Mug to my growing coffee addiction. It's all on today's podcast! Questions, comments or coffee recommendations? Email 'em to me at: Perrin@PolarisHealthcarePartners.com Please be sure to leave us a rating and a comment!
When it comes to M&A, everybody knows the "A," but what about the "M?" On today's show we're putting the "M" in Mergers. What about using mergers as part of your growth strategy? How would you do it? What are some aspects to think about? Where are the opportunities? And how would mergers be different from acquisitions? Equity is your most valuable currency, so let's start thinking about it differently in terms of growing your business. All of that along with your host's favorite coffee and his favorite podcasts. It's all on today's show! Questions, comments or coffee recommendations? Send them to me directly at: Perrin@PolarisHealthcarePartners.com And please be sure to leave us a rating!
You bought or built your first location outright, then you added a second location with a 50-50 partner...and then you both went in on a third location with a third partner. Now you've all decided you need to form a management company because you want to grow to 10+ locations, so how do you figure out who owns what percentage of what?! Sound familiar? We encounter this scenario frequently and we've seen a LOT of it lately. Getting your equity "capitalization table" straight impacts your ability to govern the business and grow the business. I talk through this scenario in an effort to shed some light on the mathematical component as well as the emotional component. Getting your partnership equity structure "right" early on is critical to your future success. That discussion and favorite day planner, the "Self Journal," all on today's show. Questions, comments or coffee recommendations? Email 'em to me at: Perrin@PolarisHealthcarePartners.com Get your own Self Journal at: www.bestself.co Please be sure to leave us a rating and a comment!
We're always being asked: "Do you have any good book recommendations?" Well, here's our first of what will be many book reports. We'll be doing them by coordinated topics going forward and this first one is all about our favorite subject, "people management!" I'll give you a high-level overview of four great ones we recommend often: "Who: the A Method for Hiring" by Geoff Smart & Randy Street "The Ideal Team Player" by Patrick Lencioni "Who Not How" by Dan Sullivan "Ownership Thinking" by Brad Hams Add the "Impact Filter" tool from Dan Sullivan and Strategic Coach (www.strategiccoach.com/go/whonothow) and you've got the building blocks to a larger "hiring system" for your growing business. A quick shout-out to Brian Colao and his team at Dykema on a great event in Denver and the story behind Spencer Lueder's 20-year quest to change the world of cancer survivorship on a bicycle. It's all on today's show! Questions, comments or coffee recommendations? Send them to me directly at: Perrin@PolarisHealthcarePartners.com And please be sure to leave us a rating!
We had a TON of feedback on our prior podcast (Episode #6) about the potential changes coming in the Biden tax package, so we decided to take a slightly different perspective from a tax attorney. I'll be joined on today's show by Erik Doerring, partner at Burr Forman. Erik shares his perspective of over 35 years of business and tax law. Together we discuss the potential impact on income earnings, investment and estate tax impacts. There's a LOT to unpack in this episode for sure! And if tax law is too heavy for you, then tune in for my "new favorite" Netflix series! All on today's show! Questions for Erik? https://www.burr.com/attorney/erik-p-doerring/ Questions for me? Perrin@PolarisHealthcarePartners.com Thanks for being a subscriber. Please leave us a rating!
Having trouble attracting and retaining associates? This episode picks up where the last one left off. My partner, Diwakar Sinha, joins me on the show and we take a closer look at an "earned equity" model called Profits Interest Units (PIUs). We'll talk about the mechanics of PIUs; where they work best; and share some client experiences in implementing the model. Plus a new addition to our Strategic Consulting team, Adin Bradley, and some good reading material: The Narnia Chronicles. It's all on today's show! Questions? Send 'em along to: Perrin@PolarisHealthcarePartners.com And be sure to leave us a rating on the show!
Having trouble attracting and retaining associates? This episode picks up where the last one left off. My partner, Diwakar Sinha, joins me on the show and we take a closer look at an "earned equity" model called Restricted Stock Units (RSUs). We'll talk about the mechanics of RSUs; where they work best; and share some client experiences in implementing the model. That plus Ashley's question on COVID's impact on the industry and the Daily Dad Blog - all on today's show! Questions? Send 'em along to: Perrin@PolarisHealthcarePartners.com And be sure to leave us a rating on the show!
The biggest problem facing group practices is attracting and retaining associates. If you can solve it, you stand a better chance of building and operating a successful business. Traditional "buy in" methods don't work anymore, so what's the solution? Our experience in Corporate America taught us that an "earned equity" opportunity is the best way to attract top talent, motivate them to produce high-level results, and retain them for the long haul. Tune in to find out more details! All of that AND a brief discussion on the Ken Burns documentary on Ernest Hemingway on today's show. Email your comments or questions to: Perrin@PolarisHealthcarePartners.com And be sure to leave us a rating!
Sometimes it's just nice to hear words of wisdom from someone who has already ventured down the path you're on. Dr. William Harvey gives his insights into the highs, lows and even natural disasters that could plague a growing business. I take a question on "the biggest challenge facing dentistry" and beg for some guidance from the audience on the best gourmet coffee machines.
Ever wonder which metrics or KPIs you should be focused on? Or maybe you're suffering from "paralysis by analysis" by focusing on too many numbers?! Here's your "TOP 10" list. This one is for all of you "data hounds" out there! Download a copy of the "TOP 10" right here: https://polarishealthcarepartners.com/free-pdf/ Listener question on "the impact of rising interest rates" and a great winery recommendation in Napa. For more information on Aonair: https://www.aonairwine.com/ and for Reverie: https://www.reveriewine.com/ Contact info: Grant Long (Proprietor & Winemaker): Grant@AonairWine.com Austin Robertson (Operations Manager): austin@reveriewine.com Any questions about group practices, metrics or wine?! Send 'em in to me: Perrin@PolarisHealthcarePartners.com
Here are the answers you've been looking for from the people who know! I'm joined by Scott Haberman and Mel Schwartz of the Eide Bailly accounting firm for some tremendous insights into accounting and tax considerations for those who are considering selling their business this year. Mel also gives us "the latest" update from Washington, DC on the proposed tax law. For additional questions, please reach out to Scott directly at: shaberman@eidebailly.com
I'm also joined by Brian Colao of the Dykema law firm about Polaris's sponsorship of their "8th Annual Definitive DSO Conference" coming up in Denver in late June. To learn more, please visit: https://dykemadso.com/
Are you committed to selling your business in 2021? If so, deal structure matters more than the multiple does - and we unpack both on today's episode. That along with some tax considerations, discussion on a sell-side "Q of E" and more. I take a question from a Specialist on DSOs eating up their referral base and how PowerDot can improve your athletic recovery after a hard workout. It's all on today's show! Send in your questions to me at Perrin@PolarisHealthcarePartners.com
Convinced you should sell your business in 2021? You might want to slow down and consider a few more factors before you do so. Diwakar joins me on the podcast today to break down "the right time" to sell as well as some considerations around supply and demand. We officially launch Polaris's M&A services to the market. And I marvel at the patient outcomes of today's modern medicine. It's all on today's show! Questions or comments to either of us at: Perrin@PolarisHealthcarePartners.com or Diwakar@PolarisHealthcarePartners.com
We unpack the critical success factors when it comes to executing on your growth strategy for both DeNovo and Acquisitions. And how fast do you need to grow if you want to double the revenue of your business? The "Rule of 72" has the answer! We welcome Amy Tewell to our Data & Analytics Team. And if you're looking for inspiration in the kitchen, then check out "Recipe30" on YouTube! All on today's show! Submit any questions directly to me at: Perrin@PolarisHealthcarePartners.com And please be sure to leave us a rating and a comment!
Looking to launch your own group practice? Or maybe you've already started and are still early on in the journey. There are going to be many challenges ahead, but here are "The Big 3" that you should prepare for ahead of time. Want to submit a question? You can email me directly at: Perrin@PolarisHealthcarePartners.com
"Can't you just give me a shortcut or a template to build a group?!" Well, NO, but we CAN take you through a lot of the questions you need ask yourself BEFORE you start down this journey. If you'd like a copy of the questionnaire itself, email me directly at: Perrin@PolarisHealthcarePartners.com
Your primary resource for the education, tactics and strategies to help you launch and scale your group practice. We'll unpack the details of the guidance you need to have confidence in growing your business. Be sure to tune in or subscribe to get the latest episodes as they're published. For more information, please visit: www.PolarisHealthcarePartners.com And submit any questions or comments to: Perrin@PolarisHealthcarePartners.com